Steam turbine converts high pressure and high temperature steam into useful rotary motion. The process involves the conversion of steam energy into kinetic energy. The kinetic energy is obtained by the blades of the steam turbine. The moving blades help in the energy generation. Steam generator is used in the electric generator and nuclear power plants in order to produce electricity. They are also used in large ships and submarines. Additionally, steam turbine is used to drive power absorbing machines such as compressors, fans and pumps. They are generally of two types which include reaction and impulse turbine.
Market Size and Forecast
The global steam turbine for power generation market is anticipated to expand at a CAGR around 2.5% during 2018-2027. It is projected to reach significant market size by 2027. The growing demand for the energy across the globe on the account of increasing population is anticipated to drive the global steam turbine for power generation market. Additionally, increasing investments towards generating more power is anticipated to increase the market growth of the steam turbine for power generation.
The global steam turbine for power generation market can be segmented into type, application, rated capacity and exhaust type. On the basis of type, it is sub-segmented into combined cycle and steam cycle. On the basis of application, it is sub-segmented into nuclear, coal, biomass. Coal sub-segment holds the largest market share for the application segment of the global steam turbine for power generation market on the account of large availability of coal worldwide. Nuclear sub-segment is anticipated to be the fastest developing sub-segment on the account of rising environmental concern related to coal which leads to shift towards the use of nuclear energy. Additionally, the energy received from nuclear energy is very high in comparison to other types of energy. On the basis of rated capacity, it is sub-segmented into 1-120 mw, 121-350 mw, 351-750 mw and above 750 mw. On the basis of exhaust type, it is sub-segmented into condensing and non-condensing.
By region, global steam turbine for power generation market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. Asia-Pacific is anticipated to witness highest growth on the account of high demand for the power generation owing to the rising population .The rapid industrialization is the major factor for increasing demand for the various types of energy. North America contributes the largest market share followed by Europe on the back of rising demand of energy from manufacturing sector coupled with technological advancement such as combined cycle for power generation.
Our in-depth analysis segmented the global steam turbine for power generation market in the following segments:
By Rated Capacity:
By Exhaust Type:
Global steam turbine for power generation market is further classified on the basis of region as follows:
Growth Drivers and Challenges
The rising demand for various type of energy from developing countries such as China, India and Malaysia is the major growth factor for the global steam turbine for power generation market. The increasing residential, commercial and industrial activities across the globe are anticipated to upsurge the demand for the steam turbine for power generation market during the forecast period. The technological advancement such as cogeneration and combined cycle is anticipated to further upsurge the demand for the steam turbine for power generation across the various region of the world.
However, proper maintenance of steam quality and efficiency of the different parts of the steam turbine may be major restraints for the global steam turbine for power generation market during the forecast period.
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